Samples from three stations in Kranji Reservoir, Singapore (n = 21) were collected and analyzed for cyanomyovirus abundance and diversity. A total of 73 different g20 (viral capsid assembly protein genes) amino acid sequences were obtained from this study. A phylogenetic analysis revealed that the 73 segments were distributed in six major clusters (α to ζ), with four unique subclusters, which w...

Using a proprietary dataset of institutional investors’ equity transactions, we document that institutional trading desks can sustain relative performance over adjacent periods. We find that trading-desk skill is positively correlated with the performance of the institution’s traded portfolio, suggesting that institutions that invest resources in developing execution abilities also invest in ge...

Using a comprehensive and survivor bias-free dataset of US hedge funds, we document the role that inside investment plays in managerial compensation and fund performance. We find that funds with greater investment by insiders outperform funds with less “skin in the game” on a factor-adjusted basis, exhibit greater return persistence, and feature lower fund flow-performance sensitivities. These ...

Distributing assets to Family Limited Partnerships (FLPs) is an estate planning technique designed to reduce assets subject to estate taxation. This paper discusses power index models as measures of power along with extensions of indices to value minority discounts. Power indices and valuation models proposed here are directly applicable to valuing other business entities, particularly where co...

The paper deals with Alternative Risk Transfer (ART) through securitization of longevity and mortality risks in pension plans and commercial life insurance. Various types of such mortality-linked securities are described including methods of their pricing and real examples (e.g. CATM bonds, longevity bonds, mortality forwards and futures, mortality swaps, and others). Hypothetical calculations ...

Using a variety of different definitions of “neutrality,” this study presents significant evidence against the neutrality to market risk of hedge funds in a range of style categories. I generalize standard definitions of “market neutrality,” and propose five different neutrality concepts. I suggest statistical tests for each neutrality concept, and apply these tests to a database of monthly ret...

This article examines institutions’ investment strategies towards environmental and social (E&S) stocks in the first quarter of 2020, coinciding with COVID-19 pandemic outbreak. Backed both institutional- firm-level analyses, we find that institutional investors shift higher E&S performance. The high portfolios exhibit lower risk return characteristics, outperforming (underperforming) t...

This paper studies the efficiency of competitive equilibria in economies where the expansion of investment is facilitated by securitization. We show that the use of securitization is generally associated with constrained inefficient aggregate investment, thereby justifying regulatory intervention in markets for securitized assets. We examine the effectiveness of three policy instruments to addr...

The consensus wisdom of active mutual fund managers, as reflected in their average overand underweighting decisions, contains valuable information about future stock returns. Analyzing a comprehensive sample of active U.S. equity funds 1984—2008, we find that stocks heavily overweighted by active funds outperform their underweighted counterparts by more than 7% per year, after adjustments for t...